| ID | 140609 |
| Title Proper | BRICS |
| Other Title Information | the new platform for global economic restructuring |
| Language | ENG |
| Author | Chakraborti, Tridib ; Chakraborty, Mohor |
| Summary / Abstract (Note) | The genesis of BRIC (Brazil-Russia-India-China, predecessor of present-day BRICS) as a multilateral grouping of the four developing or emerging economies can be traced back to September 2006, with the 61st Session of the United Nations General Assembly in New York, in a bid to explore measures of economic and political cooperation among the member-States. Officially, the organization came into existence in 2009, and with the inclusion of South Africa as the fifth member in April 2011, BRIC was re-christened BRICS. Till date, the BRICS member-states have held seven Summits and the latest in Ufa, Russia (July 2015) has been a watershed with the entry into force of the New Development Bank/BRICS Bank and the Contingent Reserves Arrangement. The BRICS Bank is heralded as an alternative to the World Bank-International Monetary Fund-led international economic architecture. However, it remains to be testified whether the BRICS Bank can evolve as a pulsating alternative to the WB-IMF-led financial system, though there is no way denying its establishment as a stepping stone for providing a predominantly South-South economic cooperative mechanism. |
| `In' analytical Note | World Focus Vol. 36, No.9; Sep 2015: p.13-18 |
| Journal Source | World Focus 2015-09 36, 9 |
| Key Words | International Monetary Fund ; World Bank ; International Economic Architecture ; New Platform ; Global Economic Restructuring ; BRICS |